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Northstar Healthcare Announces Senior Management Changes

^{Published on 2010-10-27 10:50:40 - Market Wire}
 

TORONTO, ON AND HOUSTON, TX, Oct. 27 /CNW/ - The Board of Directors of Northstar Healthcare Inc. (TSX:NHC) today announced new leadership for the Company. Dr. Donald Kramer and Ms. Donna Alexander are re-joining Northstar's senior management team as Chief Executive Officer and Chief Operating Officer respectively. The appointments take effect immediately. In connection with these appointments, Steve Linehan, the former CEO of Northstar, is leaving the Company.

Dr. Kramer, the founder and first CEO of Northstar, recently acquired a 56% stake in the Company. In conjunction with this change of control, a new Board of Directors was constituted. The Board determined that a return of Dr. Kramer and Ms. Alexander to the positions they occupied prior to Dr. Kramer's departure as CEO represents the best opportunity to rebuild the Company's revenue and return to profitability.

"I have made a substantial investment to acquire control of Northstar, aligning my interests directly with those of all shareholders," said Dr. Kramer. "Together with the new Board, Donna and the Northstar team, I intend to move decisively to take Northstar in a new direction, one that takes advantage of the multiple opportunities present today in the changing healthcare industry. At our next investor conference call, following release of the third quarter results, we will start to outline our vision for the Company, along with a roadmap to execute on that vision."

"I'm excited to return to Northstar at this critical time in the Company's history," said Ms. Alexander. "Despite the difficulties the Company has recently experienced, I know that Northstar has outstanding facilities, a good core team of surgeons and a strong reputation in the Houston market. This represents a tremendous platform upon which to re-build the Company."

About Northstar Healthcare Inc.

Northstar owns and/or manages ambulatory surgery centres in the United States, focusing initially on Houston and other metropolitan areas in Texas. The Company currently holds interests in two ambulatory surgery centres in Houston - a 70% partnership interest in The Palladium for Surgery - Houston and a 60% partnership interest in Medical Ambulatory Surgical Suites.

Forward-looking statements

This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions and the negative forms thereof. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Forward-looking information in this news release includes, without limitation, statements regarding management's beliefs, intentions, results, performance, goals, achievements, future events, plans and objects.

All forward-looking statements in this news release are qualified by these cautionary statements.

The forward-looking statements contained in this news release are made as of the date of this news release and should not be relied upon as representing Northstar's views as of any date subsequent to the date of this news release. Northstar assumes no obligation to update or revise these forward-looking statements to reflect new information, events, circumstances or otherwise, except as required by applicable law.

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